Gary Kornig will turn 30 years old next year. He comes up with a plan to save for his retirement at 65 years of age. Currently, he has saved $6,950 in an IRA account earning 8.3 percent annually. He also currently has invested an inheritance of $5,000 in money market account earning 5.25 percent and plans to leave it as part of his retirement savings. He has set himself a retirement target of $1,000,000. He plans to put aside a fixed amount every year, starting next year, in a mutual fund that will earn 9 percent annually.

Current age:				Retirement age:
			IRA Account
Current balance in IRA:
Return on IRA account:
Years to retirement:
Value of IRA at retirement age:
Value of IRA at retirement age:
			Money Market Account
Current balance in Money Market:
Return on Money Market account:
Years to retirement:
Value of Money Market at retirement age:
Value of Money Market at retirement age:
			Savings Needed
Target retirement balance:
Future value of current savings:
Amount needed to reach target:
Expected return on mutual fund:
Years to retirement:
Annual deposit needed to reach target:
Annual deposit needed to reach target: